“We need consensus on big decisions that are made over decades, across different governments and it just hasn’t happened.”

Umunna's comments came as he campaigned to promote the Small Business Saturday initiative, which aims to celebrate small businesses across the UK and is set to be held on 7 December.

However, the Labour frontbencher's call for political consensus was dismissed as "rather odd" by the Tories.

Tory MP Henry Smith told the Huffington Post UK: “It’s rather an odd announcement from Chuka. He has just spent three years clamouring for higher taxes, taking cash from trade union bosses, and pushing their anti-business policies in Parliament.

“However, if he’s seen the light, I look forward to him supporting what the Conservatives are doing to support small business and hardworking people.

"Will he support our welfare cap, for example? And will he urge Ed Miliband to stand up to the trade union bosses who are pushing him around and picking his policies? That would be a good start.